Is Bitcoin Legal?

thently

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May 10, 2007
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Completely legal but not profitable any more if you still want to get into it look into asics only way to get anything out of it. Video card mining is a total loss now.
Something like this.

http://www.butterflylabs.com/

Thent
 

Dunlop0078

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Feb 13, 2014
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Im pretty sure its legal in all western countries. No i dont mine but i have heard its pretty much died, unless you have like an ASIC (a computer pretty much dedicated to bit coin mining and is very good at it) then you will spend more in electricity running yuor computer than you will make from mining.
 

Dunlop0078

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Feb 13, 2014
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Well bit coin mining can be very hard on the hardware of your computer, I would not recommend you do it just for the hell of it.
 

DSzymborski

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Nov 19, 2010
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Bitcoin is legal -- or perhaps more accurately, not explicitly illegal -- though you can run into technical violation of the law using bitcoin in certain ways. For instance, if you're mining bitcoin, when you swap for US dollars on an exchange, those proceeds are technically taxable, though it's unlikely any tax authority will ever really care unless we're talking considerably sums of money. There are of course lots of these de minimis violations that it's rare to get into any kind of hot water for, for instance when you buy something from the internet and not paying sales tax, in most (and likely all, but I can't say for sure) states you're supposed to be voluntarily reporting those purchases and paying the sales tax yourself on your next state tax filing.
 

neowebwallet

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Oct 5, 2017
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Bitcoin info - It's understandable to have questions about the legality of using Bitcoin. The platform introduced a brand new paradigm away from the traditional regulators and regulations that govern fiat currency. Unlike illegal, counterfeit money, which is a blatant example of a "currency" that misrepresents itself as legal tender, Bitcoin is entirely different. Nevertheless, it operates in a seemingly gray area when it comes to regulation. However, many of these concerns boil down to misunderstandings or a lack of concrete rules that govern Bitcoin, rather than overt violations of the law.

The question surrounding the relationship between Bitcoin and the law really depends on how the digital currency is being used.
 

hshare58

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Oct 11, 2017
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Government agencies are increasingly worried about the implications of bitcoin, as it has the ability to be used anonymously, and is therefore a potential instrument for money laundering. In particular, law enforcers seem to be concerned about the decentralized nature of the currency.
 
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